Internet and eCommerce giant, Naspers, has announced that it would be listing a new global consumer internet group (NewCo) comprising its international internet assets on the Euronext Amsterdam on Wednesday 17 July 2019, along with a secondary, inward listing on the Johannesburg Stock Exchange (JSE) in South Africa.
Naspers expects to own no less than 73% of NewCo and the free float is expected to be up to 27%, created by Naspers through a capitalisation issue of NewCo shares to Naspers shareholders.
As a global consumer internet group and one of the largest technology investors in the world, the new group is likely to become the largest listed consumer internet company by asset value in Europe. It will comprise all of Naspers’ internet interests outside of South Africa including its companies and investments in the online classifieds, payments and fintech, food delivery, etail, travel, education, and social and internet platforms sectors, among others. These assets are some of the world’s leading and fastest-growing internet brands, such as mail.ru, OLX, Avito, letgo, PayU, Tencent, iFood, Swiggy, DeliveryHero, Udemy, eMAG, and MakeMyTrip¹. The new group will be a strategic investor and operator, and focus on long-term value creation by building leading technology companies that improve people’s daily lives in high-growth markets.
The listing of NewCo on Euronext Amsterdam is expected to reduce significant structural barriers for Naspers and represents another major step by management to pursue continued growth and create value for shareholders. This action follows the unbundling of MultiChoice Group in March, which unlocked approximately US$3.5 billion for Naspers shareholders.
Bob van Dijk, CEO Naspers said, “The planned listing of our international internet assets on Euronext Amsterdam is progressing well, and we believe that it will present a new and attractive opportunity for global tech investors to access our unique portfolio. Since we announced the transaction in March, we have been encouraged by the positive response from investors. The mechanics of the transaction outlined in today’s circular are designed to provide flexibility to our shareholders, and we expect that the listing will help us maximise shareholder value over time.”
